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to reach a deal to avoid the fiscal cliff -- is running out for law-makers. automatic tax hikes -- and steep government spending cuts, could be just around the corner. kron4's justine waldman is tracking the developments in washington. with many law-makers still on holiday vacation. and kron4 political analyst michael yaki is also here. we'll get his take on where things stand - next at 5-30! (male announcer) live from the kron 4 news station, this is the kron 4 news. >> grant: now at 5-30. the "fiscal cliff" deadline is five days away. and there is no deal in sight to avoid automatic tax hikes and spending cuts. tonight - our poltical analyst michael yaki is here to break it down for us. but first - kron 4's justine waldman is stading- by to get us up to date on what is happening.justine. >> we have just learned that on friday, congressional leaders will meet with the president to discuss the fiscal cliff standoff. there is no legislation pending in either the house or the senate to avoid going over the cliff. and the converstations about it. continue to be confrontational. tim
the hour for immediate action is here" to avoid the fiscal cliff. if there's no deal by midnight december 31st. there will be automatic tax increases and spending cuts. we'll have more from our political analyst in a minute - but first. kron 4's justine waldman is back with more on our developing story. >> reporter: after meeting with bi-partisan leaders friday, the president said no one will get 100-percent of what they want. he said if congress can't reach a deal. congress should allow a vote on a basic package that would preserve tax cuts for middle-class americans, >> i am optimistic that we can still pass a deal in both houses in time, mitch mcconnell, and harry reid are working on an agreement as we speak >> i have my confidence destroyed on other occasions and so i hope it is not on this occasion the timing, we have to do it now that is what the next 24 hours will be very important. >> we had a good meeting in the white house we are engaged in discussions with the majority, the leader and myself in hopes that we can come forward as early as sunday and have a recommendation that i c
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